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Tuesday, June 28, 2022

Bitcoin wallet wakes up from its slumber after eight years

After years of abstinence, a wallet with 321 Bitcoin wakes up from its slumber. The reactivation is one of a series of start-ups in the past few months.

Anyone who saw the vision of Bitcoin early on should now have a decent cushion. Accordingly, wallets from the gray past of crypto are the gold treasures of today. Now such a treasure has been reactivated after eight years.

More precisely, it is a Bitcoin wallet from 2013 with total assets of 321 Bitcoin – current equivalent: almost 16 million US dollars. The digital wallet hadn’t shown any transaction activity in years. But now emerged from the shadows with a transfer of almost 198 BTC to an unknown wallet. This is shown by the transaction tracker Whale Alert.

Community puzzles

The reactivation causes speculation within the Bitcoin community. A user pointed out several possible scenarios on Twitter :

All these addresses of whales that are now being activated. Is Satoshi Nakamoto making a comeback? Or is it a patient investor who is just about to activate his or her wealth? Maybe it’s someone who lost their private keys a long time ago? Everything is possible.

Another user thinks an exploit of the seed phrase is likely . Too many old Bitcoin wallets have recently been put back into operation for that.

In fact, several older digital wallets have woken from their slumber in the past few months. Just a few days ago someone reactivated an old wallet with assets of 225 Bitcoin. Most of the BTC were redistributed to other wallets.

Glassnode: “illiquid Bitcoin on the rise”

Observations from Glassnode also fit in with this. The Swiss on-chain analysis company observed an increase in illiquid BTC in connection with the Bitcoin supply.

These are Bitcoin that are sent to addresses that have rarely made any sales in the past. In general, Glassnode interprets this fact as bullish, as it indicates an accumulation on the part of investors.

Meanwhile, the price of the digital store of value is slowly creeping back to the USD 50,000 mark. The cryptocurrency gained 1.4 percent overnight, trading at $ 49,383 at the time of going to press.

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